When a borrower obtains a mortgage from a lender, the borrower incurs a myriad of fees, charges and other costs associated with the mortgage process. The amount of the fees and charges could add substantially to the amount the borrower was considering borrowing for the property. In fact, a borrower may have to borrow more than originally anticipated for the property just to pay for the additional fees associated with the mortgage.
Further, choosing a lender from which to obtain a mortgage could be just as daunting for the borrower as actually obtaining the mortgage itself. In today's market there are many lenders from which a borrower may choose. Attempting to determine which lender to use can be difficult and depends on a host of factors including convenience, trust, interest rates, total cost, etc. Further, lenders may offer incentives in order to attract borrowers to obtain a mortgage with them as opposed to other lenders. These incentives can add to the difficulty the borrower faces in determining which lender to choose because different lenders offer different incentives. Therefore, the incentives offered add another variable to the considerations the borrower must take into account when comparing the lenders.